Markets close slightly high on US Fed rate cut hopes & FII inflows

Mumbai: Benchmark stock indices Sensex and Nifty scaled fresh lifetime highs in intra-day trade on Thursday before paring some gains to close marginally higher amid positive global trends on growing hopes of a US Fed rate cut and foreign fund inflows.

Rising for the second day, the 30-share BSE Sensex climbed 110.87 points or 0.13 per cent to settle at 85,720.38. During the day, it hit a record high of 86,055.86, reflecting a jump of 446.35 points or 0.52 per cent. However, profit-taking by investors in the second half dragged the index from record high levels.

The earlier lifetime high of the benchmark was 85,978.25, hit on September 27, 2024.

The 50-share NSE Nifty ended marginally higher by 10.25 points or 0.04 per cent at 26,215.55. During the day, the benchmark rallied 105.15 points or 0.40 per cent to hit an all-time high of 26,310.45. The broader index had earlier scaled its record intra-day high of 26,277.35 on September 27, 2024.

Among Sensex firms, Bajaj Finance, ICICI Bank, Hindustan Unilever, Bajaj Finserv, HCL Tech and HDFC Bank were the major gainers. However, Maruti, Eternal, UltraTech Cement and State Bank of India were among the laggards.

“Indian markets steadied after a volatile session where both the Nifty and Sensex briefly touched record highs before profit booking ensued,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.

FIIs bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.

The BSE smallcap gauge dipped 0.38 per cent and midcap ended marginally down by 0.01 per cent.

BSE Financial Services climbed 0.31 per cent, followed by BSE Focused IT (0.24 per cent), IT (0.20 per cent), bankex (0.15 per cent) and teck (0.03 per cent). Realty dropped 0.76 per cent, energy (0.55 per cent), consumer discretionary (0.48 per cent), capital goods (0.48 per cent) and consumer durables (0.45 per cent).

So far this year, the BSE benchmark has jumped 7,581.37 points or 9.70 per cent, and the Nifty zoomed 2,570.75 points or 10.87 per cent.

Brent crude, the global oil benchmark, dipped 0.05 per cent to $63.10 per barrel.

On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.